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World Bank to Nigerians: It’s no conspiracy! *You need years of pains to survive
Despite acknowledging the massive poverty in the country, with over 129 million affected, mostly traced to the current reforms under its recommendations, the World Bank is insisting that Nigerians must continue putting up with the situation and never think of reversing the ongoing policies of President Bola Tinubu.
Two key policies – removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol Tinubu announced during his inauguration on May 29, 2023 and floating of the local currency, the naira, which followed some weeks after, had plunged the citizenry into the type of hardship never witnessed in the history of the country due to the soaring cost of living.
But regardless, the Bretton Wood institution, is insisting that the policies must be sustained for years to come despite protestations in many quarters that the only visible result is more poverty in the land, adding that any reversal would take the country back to the starting point.
In a report released by the Bank on Thursday, detailing its findings and position, christened: Nigeria Development Update Report, which stated that over 129 million Nigerians are currently trapped in poverty, it also referred to the headline inflation that has forced millions into hunger.
“With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent. Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016,” the document, read.
It added: “The COVID-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.
“Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023. Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”
The report also acknowledged the increase in the poverty index from 115 million in 2023 to 129 million in 2024, meaning that 14 million Nigerians have become poorer this year, which it attributed to the surge to inflation, poor economic management, and external shocks.
It said: “Several shocks have contributed to this major increase and changing profile of the poor: the COVID-19 recession, natural disasters such as flooding, growing insecurity, the high cost of the demonetization policy in Q1 2023, high inflation, and low economic growth.
“Previous domestic policy missteps compounded the effects of the shocks, particularly rising inflation, eroding the purchasing power, especially of urban households, pushing many into poverty. The government is ramping up the cash transfer programs to support economically insecure households to help weather the crisis.”
Revealing that while poverty remained a rural phenomenon, urban poverty had grown significantly, with 31.3 per cent of urban dwellers now living in poverty, up from 18 per cent in 2018, the report, added: “Being employed, however, is no guarantee of being able to escape poverty.
“Many jobs are not productive and therefore remunerative enough to afford a life beyond poverty. Jobs hold the key to sharing the proceeds of growth. Since Nigeria has a young and growing population, the jobs that can harness the country’s potential ‘demographic dividend’ are needed now.”
Alex Sienaert, now Lead Economist for Nigeria, while weighing in on the report, dismissed claims that the institution seeks to keep Nigeria economically dependent, saying: “I’m in this position of having been the lead economist at the World Bank here in Nigeria on economic policy issues for two years now, and I just want to tell you that I’ve not seen any conspiracy within the World Bank or otherwise to keep Nigeria down.”
He pointed out that Nigeria’s fiscal deficit had shrunk from 6.2 per cent of GDP in 2022 to 4.4 per cent in the first half of 2023, thanks to reforms such as the removal of FX and fuel subsidies.
Ndiame Diop, the World Bank Country Director for Nigeria, who urged the Federal Government to sustain its reforms, warning that reversing them would be disastrous, stated: “Reversing these reforms would be detrimental and would spell doom for Nigeria.”
Stressing that the reforms were difficult but essential to stabilise the economy, he noted that the World Bank was willing to offer Nigeria more loans as well as technical assistance in support of ongoing reforms, adding: “Yes, we do have in the pipeline for this fiscal year several projects financed by the World Bank. These are government projects, implemented mostly by the states.
“Nigeria is a very important partner for the World Bank. We have been providing technical support, but also financing. But what is really important is that our financing comes with technical support and implementation support, and really making sure things go according to plan.”
Option A4, occupies a central place in Nigeria’s democratic development. That unique election model developed and introduced in the Nigerian electoral process by Humphrey Nwosu, the late Professor of Political Science, has become a symbol mounted on a standard and raised high above the sky.
It is Nigeria’s mimic of that biblical golden serpent to which both the nation and its citizens look up at and derive instant succour – much like a balm to their heavily-lacerated democratic soul – a wonder device, that once mesmerised the world.
Yes! Anytime Nigerians want to serenade their democratic spirit with the allure of sweetness, they take a recourse to that unique event that happened more than three decades ago, on June 12, 1993. They reminisce on the purity of the process and beauty of the outcome.
Like the saying that precious things come in simple packages, Option A4, was not only as simple as simplicity itself, but was as powerful as the most impactive dynamite – simple enough to break all barriers of ignorance and powerful enough to destroy all electoral bad behaviours defacing the beautiful perspective of democracy.
Here is the process. Voters converge on a location at approved time, get accredited, queue behind preferred candidates, get counted and the votes recorded in approved result sheets. Finish! No ballot-snatching, no ballot-stuffing, no quarrel, no thuggery, no blood on the floor.
Even the issue of proper voting that lead to void votes is eradicated by the process. The electorates need no education on how to vote properly. The issue of thumb-printing in the wrong space or double-voting is taken care of.
Today, in Nigeria, June 12 is designated as Democracy Day, based on the outcome of that election. It was so seamless and produced such a perfect result that the product – Moshood Kashimawo Olawale (MKO) Abiola was never challenged on the inviolability, but on the other ideas the military government in power then had.
But did you see the same Option A4 put to test under President Bola Ahmed Tinubu? Did you watch the primaries of the All Progressive Congress (APC), at various stages, including the one that produced the President as candidate of the party in the 2027 presidential election? If you did, you would understand where your country is currently and where it is headed.
How could anyone have the mindset to deface such a beauty, let alone design a mechanism to destroy it, given its centrality as the bastion of Nigerian democratic commemorations? How could anyone be so wicked as to destroy the most beautiful Nigerian democratic ornament?
It is like pulling the original of Monalisa or the best of Bini Bronze from their protective encasements and smashing them on the floor. It takes a mindset that has scant regard for beauty – a destructive spirit to do so.
But see how easily they did it! See how simple it was for them. It was as easy as jumping from 10 to 1,000 in a simple counting process a primary school child could do.
Did you see the smiles on their faces to indicate how much fun they had supervising the putrid, outlandish and parlous construct – like the lurid expression of a rapist seeking to satiate his lust? Clearly, it did not matter to them the danger they’re putting themselves and future generations – comprising their children and grandchildren, Tragedy!
But what is it that Tinubu and his co-travellers have not destroyed since happening on Nigeria? What pain have they not wrought on the polity? Is it the economy? Think of those rich Nigerians alighting from their fancy cars and jumping into the Lagos Lagoon.
Is it security? Reminisce on the last moments of General Sani Uba, as he watched the approach of the terrorists while crouching on his knees in the forest, having lost the vain hope that his country would save him.
Think of the Oyo school teacher in that final moment as he waited for the impact of that sharp knife on his bare throat, while being slaughtered like a goat at the abattoir. Think of Zamfara, think of Sokoto, think of Kwara, think of Anambra – add to the list – think Nigeria.
Yet, the APC foot-soldiers – including a Deputy Speaker of the House of Representatives – a leader in the legislature – the most important institution of democracy – clowned, jested and had fun.
For them, the rest of the country doesn’t matter. All that matters is Tinubu’s happiness. And the master-strategist, the democratic doyen, the June 12-NADECO icon, was all and about, grinning from ear to ear and lapping everything up.
With economy destroyed from day-one with the impulsive, brainwave – subsidy is gone declaration – with security in tatters that school children, now scurry and scamper in different directions like scared rodents, at the slightest sight of strange faces for fear of being the next kidnap victims – with the national fibric almost giving way from the consistent and unrelenting pressure in running the most nepotistic administration – far worse than the days of the late Muhammadu Buhari, thought to be the worst at a time – what else remains of Nigeria?
Before now, I had grieved that Tinubu deliberately left out Humphery Nwosu in that outlandish June 12 struggle honourees list, when he ought to be the numero uno. I had hoped however that someday, someone more amenable than Tinubu would do the needful. But what hope is there now that Tinubu and his men are tightening the noose on Nigerian democracy? Now this!
The worst part is not that the APC goons committed this heinous atrocity, but in the manner they did. They enjoyed the process. Only mindless characters such as mafia kingpins we watch in movies, take pleasure in inflicting pains. That we now watch such playing out in real life is not only disturbing, it is THE TRAGEDY!
My name is Sunny Igboanugo, I’m The Tiny Voice!
For Goodluck Jonathan, Nigeria’s 14th leader, and the third President since 1999, the road is now clear, should he be interested to make a comeback to reclaim the office he lost to the late President Muhammadu Buhari in 2015.
This is on the strength of a decision by a Federal High Court sitting in Abuja, which hours ago, threw out a suit challenging the eligibility of the former President to make a go at the nation’s number one job, including that of 2027.
Peter Lifu, on Tuesday, held that JohnMary Jideobi, the plaintiff, who pursued the case of stopping the ex-President, lacked the legal right to have instituted the suit, having not suffered any loss from Jonathan’s perceived intention to vie in next year’s poll.
(AGF).
Lifu not only dismissed the suit marked FHC/ABJ/CS/2102/2025, where Jideobi had prayed the court for an order restraining Jonathan from contesting the 2027 presidential election, but slammed him with a N20 million fine to be paid in favour of the ex-president, and N1million fine against in favour of the Attorney General of the Federation (AGF).
Against the backdrop of Jideobi’s argument was that Jonathan, having completed the tenure of the late former President Umaru Musa Yar’Adua and later served a full term after the 2011 elections, he had exhausted the constitutional limit of two terms in office, Lifu described it as a waste of time.
He also dismissed the plea that the court should restrain the Independent National Electoral Commission (INEC) from accepting or publishing Jonathan’s name as a candidate in the 2027 elections or any future presidential poll, insisting that the matter had earlier been litigated upon with a judicial pronouncement made on it.
Referring to the decision of a Federal High Court, Yenagoa which had previously dealt with a similar matter and the concurrence of the Court of Appeal, affirming Jonathan’s eligibility, Lifu, who earlier refused to recuse himself from the matter, said he was bound by both, dismissed the latest attempt as “an abuse of court process.”
The Independent National Electoral Commission (INEC) has appealed the judgement of the federal high court in Abuja nullifying the timelines issued for the conduct of party primaries and the nomination of candidates.
Alex Izinyon SAN, leading a team of lawyers of the commission in a notice of appeal dated May 25, raised nine grounds it urged the appellate court to consider and vacate the judgment the Federal High Court in Abuja delivered on May 20.
Apart from raising the issue of jurisdiction, which it said the lower court did not determine, INEC also maintained that the legal action the Youth Party (YP) initiated against it was not only hypothetical but academic.
Arguing that failure of the trial court to make pronouncements on the issues, resulted in the denial of fair hearing to the Appellant, the commission also stressed the lower court misinterpreted the provisions of the electoral act.
It said: “The high court erred in law when it held that: ‘It is clear from the wordings of Sections 29(1), 82 and 84 of the Electoral Act, 2026, the following can be understood. Section 29(1) of the Electoral Act, 2026 mandates Political Parties to submit the names of candidates in prescribed forms of the candidates who emerged from its valid primaries which such a political party intends to sponsor at the elections, not later than 120 days before the date of the General Election.
“What is required of Political Parties to do under the Electoral Act, 2026 is to notify the Independent National Electoral Commission (INEC) 21 days before the holding of its primaries, congresses or conventions, days before the holding of its primaries, congresses or conventions, or any conference or meeting convened for the election of its executive committees, other governing bodies for nominating candidates.
“The Defendant is not mandated to impose a timeframe for political parties to conduct their primaries provided that it will be done and submitted not later than the 120 days provided by the Electoral Act, 2026. See Section 82(1) of the Electoral Act, 2026.”
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